Utmerke: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Utmerke
Largest movements
- Current investments -€5.7m
no longer reported in 2025 (was €5.7m)
- Short-term financial debts +€9.5m
new in 2025: €9.5m
- Debts after one year -€6.7m
no longer reported in 2025 (was €6.7m)
- Profit (loss) carried forward -€4.1m
down €4.1m (-27.4%), from €15.1m to €11.0m
- Current portion of long-term debt -€3.4m
no longer reported in 2025 (was €3.4m)
- Other debts -€684,000
no longer reported in 2025 (was €684,000)
- Financial income +€4.5m
up €4.5m (+44.6%), from €10.1m to €14.6m
- Financial charges -€161,444
down €161,444 (-32.8%), from €492,509 to €331,066
- Taxes -€26,235
new in 2025: -€26,235
- Gross operating margin +€9,333
up €9,333 (+37.8%), from €24,681 to €34,013
- Other operating charges +€1,976
up €1,976 (+3,187%), from €62 to €2,038
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €55,879,225 | €50,066,511 | -€5.8m | -10.4% |
| Fixed assets | 21/28 | €49,916,724 | €49,916,724 | = | 0.0% |
| Financial fixed assets | 28 | €49,916,724 | €49,916,724 | = | 0.0% |
| Current assets | 29/58 | €5,962,501 | €149,787 | -€5.8m | -97.5% |
| Amounts receivable within one year | 40/41 | €73,965 | €54,021 | -€19,945 | -27.0% |
| Trade receivables | 40 | €51,360 | €53,928 | +€2,568 | +5.0% |
| Other amounts receivable | 41 | €22,605 | €93 | -€22,513 | -99.6% |
| Current investments | 50/53 | €5,700,000 | - | -€5.7m | |
| Cash at bank and in hand | 54/58 | €188,536 | €95,766 | -€92,769 | -49.2% |
| Total equity and liabilities | 10/49 | €55,879,225 | €50,066,511 | -€5.8m | -10.4% |
| Equity | 10/15 | €44,859,260 | €40,551,394 | -€4.3m | -9.6% |
| Contributions | 10/11 | €29,596,311 | €29,596,311 | = | 0.0% |
| Reserves | 13 | €176,905 | - | -€176,905 | |
| Distributable reserves | 133 | €176,905 | - | -€176,905 | |
| Profit (loss) carried forward | 14 | €15,086,045 | €10,955,083 | -€4.1m | -27.4% |
| Amounts payable | 17/49 | €11,019,965 | €9,515,117 | -€1.5m | -13.7% |
| Amounts payable after more than one year | 17 | €6,700,000 | - | -€6.7m | |
| Financial debts | 170/4 | €6,700,000 | - | -€6.7m | |
| Amounts payable within one year | 42/48 | €4,102,818 | €9,504,709 | +€5.4m | +132% |
| Current portion of amounts payable after more than one year | 42 | €3,350,000 | - | -€3.4m | |
| Financial debts | 43 | - | €9,450,000 | +€9.5m | |
| Credit institutions | 430/8 | - | €9,450,000 | +€9.5m | |
| Trade debts | 44 | €68,818 | €54,709 | -€14,109 | -20.5% |
| Suppliers | 440/4 | €68,818 | €54,709 | -€14,109 | -20.5% |
| Other amounts payable | 47/48 | €684,000 | - | -€684,000 | |
| Accrued charges and deferred income | 492/3 | €217,147 | €10,408 | -€206,739 | -95.2% |
| Other operating charges | 640/8 | €62 | €2,038 | +€1,976 | +3,187% |
| Gross operating margin | 9900 | €24,681 | €34,013 | +€9,333 | +37.8% |
| Operating profit (loss) | 9901 | €24,619 | €31,976 | +€7,357 | +29.9% |
| Financial income | 75/76B | €10,101,062 | €14,604,287 | +€4.5m | +44.6% |
| Recurring financial income | 75 | €10,101,062 | €14,604,287 | +€4.5m | +44.6% |
| Financial charges | 65/66B | €492,509 | €331,066 | -€161,444 | -32.8% |
| Recurring financial charges | 65 | €492,509 | €331,066 | -€161,444 | -32.8% |
| Profit (loss) for the period before taxes | 9903 | €9,633,171 | €14,305,197 | +€4.7m | +48.5% |
| Income taxes | 67/77 | - | -€26,235 | -€26,235 | |
| Profit (loss) for the period | 9904 | €9,633,171 | €14,331,432 | +€4.7m | +48.8% |
| Profit (loss) for the period to be appropriated | 9905 | €9,633,171 | €14,331,432 | +€4.7m | +48.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.